Investors today are more concerned with your fund attracting enough capital than you are. In general, investors do not want to be more than 10% to 20% of your fund. If they come into a first close, they want to know that you are going to continue to gain traction in the market and eventually get to a final close that gives them optimal dilution. The biggest mistake we see is the failure to ask the big, obvious question – who is willing to come into a first close and how quickly can they move to do so? This list should include your existing investors and other investors that you have gotten to know in your non-marketing period. Investors that already know your platform will take less time to underwrite your new fund, and trust in your platform enough to take the first step. The longer you linger without a first close, the staler you become.